Freedom Holding Corp. has reconsidered its decision to establish a bank in Kyrgyzstan

Freedom Bank Kazakhstan has canceled its earlier decision to establish a subsidiary bank in Kyrgyzstan. This was reported by Forbes Kazakhstan, citing the bank's press service.

As specified by the financial institution, “Freedom Bank currently has no plans to open a subsidiary bank in Kyrgyzstan as part of its international strategy update.” At the same time, the republic's market continues to be considered in the context of long-term regional development, but the priority has now shifted to other foreign directions.

In December 2025, the bank's sole shareholder, Freedom Finance, approved the creation of a wholly-owned subsidiary in Kyrgyzstan with a registered capital of 1 billion soms. The plan was to register a legal entity, obtain a banking license, and subsequently launch a full-fledged credit institution.

Now, the chair of the bank's board, Gulfaiz Akhmetova, will have to withdraw the application submitted on December 17, 2025, to the Agency for Regulation and Development of the Financial Market of Kazakhstan to obtain permission to establish a subsidiary.

Earlier, Akchabar wrote that as of December 17, 2025, the National Bank of Kyrgyzstan had not received an application for a license to establish Freedom Bank KG CJSC.

At the same time, 24 commercial banks are already registered in Kyrgyzstan today. Moreover, from December to early February, three new players received licenses at once: Bereket Bank (founded by the president's younger son), Alma Finance Bank (with Chinese capital), and Asman Bank. Kylim Bank, Muras Bank, and Pochta Bank are also waiting to receive licenses.

Against this backdrop, Freedom's refusal to enter the Kyrgyz banking market may indicate a review of the group's priorities amid intensifying competition and parallel expansion in other jurisdictions.

Despite the cancellation of plans to establish a bank, the holding's structures are already operating in Kyrgyzstan: Freedom Broker provides brokerage services, Freedom Pay Kyrgyzstan operates in the field of electronic payments, and Ticketon Events KG is also represented.